Unveiling investors' substitution behavior: Stock trading decisions in response to housing market dynamics

IF 7.2 1区 经济学 Q1 BUSINESS, FINANCE Journal of Corporate Finance Pub Date : 2024-05-10 DOI:10.1016/j.jcorpfin.2024.102590
Yiqing Lü , Bin Zhao , Ning Zhu
{"title":"Unveiling investors' substitution behavior: Stock trading decisions in response to housing market dynamics","authors":"Yiqing Lü ,&nbsp;Bin Zhao ,&nbsp;Ning Zhu","doi":"10.1016/j.jcorpfin.2024.102590","DOIUrl":null,"url":null,"abstract":"<div><p>Utilizing positive quasi-random shocks to local housing prices in Shanghai, we show that stock investors who experienced significant returns from the real estate market traded less actively, took less risk, and spent less effort trading. We confirm the effect of housing price changes on investors' trading behavior in a national sample. Our findings suggest a substitution effect between the real estate and stock market and highlight the importance of understanding investors' trading behavior in light of intertemporal variations in other asset market.</p></div>","PeriodicalId":15525,"journal":{"name":"Journal of Corporate Finance","volume":null,"pages":null},"PeriodicalIF":7.2000,"publicationDate":"2024-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Corporate Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S092911992400052X","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

Abstract

Utilizing positive quasi-random shocks to local housing prices in Shanghai, we show that stock investors who experienced significant returns from the real estate market traded less actively, took less risk, and spent less effort trading. We confirm the effect of housing price changes on investors' trading behavior in a national sample. Our findings suggest a substitution effect between the real estate and stock market and highlight the importance of understanding investors' trading behavior in light of intertemporal variations in other asset market.

查看原文
分享 分享
微信好友 朋友圈 QQ好友 复制链接
本刊更多论文
揭示投资者的替代行为:应对房地产市场动态的股票交易决策
利用对上海当地房价的正向准随机冲击,我们发现,从房地产市场中获得显著回报的股票投资者交易不太活跃,承担的风险较小,花费的交易精力也较少。我们在全国样本中证实了房价变化对投资者交易行为的影响。我们的研究结果表明,房地产市场和股票市场之间存在替代效应,并强调了根据其他资产市场的跨期变化来理解投资者交易行为的重要性。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
求助全文
约1分钟内获得全文 去求助
来源期刊
Journal of Corporate Finance
Journal of Corporate Finance BUSINESS, FINANCE-
CiteScore
11.80
自引率
3.30%
发文量
0
期刊介绍: The Journal of Corporate Finance aims to publish high quality, original manuscripts that analyze issues related to corporate finance. Contributions can be of a theoretical, empirical, or clinical nature. Topical areas of interest include, but are not limited to: financial structure, payout policies, corporate restructuring, financial contracts, corporate governance arrangements, the economics of organizations, the influence of legal structures, and international financial management. Papers that apply asset pricing and microstructure analysis to corporate finance issues are also welcome.
期刊最新文献
Private equity buyouts & firm exporting in crisis periods: Exploring a new channel Reserves regulation and the risk-taking channel Anti-collusion leniency legislations and IPO activity: Worldwide evidence Sibling co-management and cost of capital: Evidence from Chinese listed family firms Long-term institutional investors and climate change news Beta
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
0
微信
客服QQ
Book学术公众号 扫码关注我们
反馈
×
意见反馈
请填写您的意见或建议
请填写您的手机或邮箱
已复制链接
已复制链接
快去分享给好友吧!
我知道了
×
扫码分享
扫码分享
Book学术官方微信
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术
文献互助 智能选刊 最新文献 互助须知 联系我们:info@booksci.cn
Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。
Copyright © 2023 Book学术 All rights reserved.
ghs 京公网安备 11010802042870号 京ICP备2023020795号-1